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Feb 1, 2016

FDIC Promises an Intervention of Sorts

Dean Barrow

The delegation then met with the Federal Deposit Insurance Corporation, another regulatory body which regulates banks that are chartered by states and have not joined the Federal Reserve System. According to the PM the feedback from the FDIC was a little more in the way of affirmative action.

 

Prime Minister Dean Barrow

“We met with the FDIC because there is a particular bank that the Governor of the Central Bank and the individual banks in Belize have been talking to, seeking to start a correspondent banking relationship with that bank, and as I said the FDIC is the regulator of that particular bank. I won’t call the name. Again we were able to get from the FDIC a replication of the message we received from the OCC. There is nothing wrong with the Belize jurisdiction, and in terms of this bank which we told them we were pursuing, which bank they knew right away because it’s a big enough bank…they were able to assure us that they would actually transmit that message themselves to the bank…that the Belize jurisdiction was fine and if your business model is such that you can make a profit from doing business with Belize, feel free to go right ahead and do that. So that was even better than the message we got from the OCC. The OCC was basically saying the same thing…the little bank is free but they didn’t even know the little bank so there was no question of them expressly saying with that little bank proceed with Belize as opposed to the FDIC and that other larger bank where the FDIC was prepared to expressly indicate to that bigger bank that Belize is fine and that they should not feel that there was any prohibition that would militate against their doing business in Belize.”

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1 Response for “FDIC Promises an Intervention of Sorts”

  1. Primary Thief, Ali BaBarrow says:

    Yes we will work our way around the US gov’t and their snot rag Federal Reserve, and cut a deal with FDIC!

    As Patty Faber says it, hilarious!!!

    Meantime call the Caribbean Cartel Bank and ask for the drug loan discount.
    Get the loan rate indexed to the homicide rate, don’t be a fool, be sociable, Share!

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